Major Real Estate Giants Come Together For New Accelerator In Singapore
Singapore – It has been revealed that Lendlease and JLL, two major real estate corporations, will be joining hands for a startup accelerator in Singapore known as Propell Asia. Propell Asia, a regional accelerator that is focused on the property technology, will be focusing on startups in the Southeast Asia region.
The program, it seems, will be known as Propell Asia and it will be headquartered in Singapore. It will be focusing on startups in specific areas of property management, real estate, construction management and others.
Propell Asia will be launching alongside two other partners, including the District6 coworking space and MeshMinds, a new and creative design incubator.
At the moment, the real estate giants are seeking a company or companies that have risen ‘up to Series A” and then a 10-week program which involves two ranches.
For the first part of the program, Propell Asia will discover 10 startups. These startups will receive all they need to get started perfectly as a startup including mentorship, office space and corporate connections.
Once five weeks are completed, Propel Asia will then choose 5 startups. These shortlisted companies will get $20,000 for up to 5% equity stake in the startup. For the first five weeks, this will happen and for the remaining five weeks, they will continue till the program ends.
JLL, at the moment, also has a big global venture fund by the name of Spark that holds $100 million (US dollars). There was speculation regarding the possibility that a qualified alumnus from Propell Asia will be taking advantage of the recent investments.
Albert Ovidi, the COO of JLL Asia Pacific, while commenting on the new move, said, “Through this venture, we want to find out the best and most promising startups with innovative and sustainable solutions which will help in transforming the real estate industry as well. There is urbanization taking place and there are small cities that are emerging on the forefront and between this, Asia Pacific has been poised to get the next wave of disruption”. Therefore, his comments mean and entail that JLL is trying to find out different startups that can prove to be useful for the economy as a whole as well.
In a press event, Ovidi also remarked that block chain and smart contracts provide cutting-edge technologies primarily in the real estate sector and they are trying to figure out how they can use it to deliver results.
The events showcased the fact that property technology is still not that readily available in the startup world and culture today. The worth of this industry globally is $53 trillion and Asia alone contributes $16 trillion to it.
Proptech itself has some way to go if we compare it to the bigger names in the industry such as Fintech and others. Applications for the accelerator are open and they end on August 17th. It will officially start early September.